An algebra student has won $500,000 in a lottery and wishes to deposit it in savings accounts in two financial institutions. One account pays 11% simple interest, but deposits are insured only to $250,000. The second account pays 6.3% simple interest, and deposits are insured up to $500,000. Determine whether the money can be deposited so that it is fully insured and earns annual interest of $43,750. Can it be fully insured and earn annual interest of $43,750?
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